Key to Jamaica’s recovery will be


tourism and this sector looks


especially promising. Figures from the


Statistical Institute of Jamaica (Statin)


released in January indicated a 5.9 per


cent growth in gross domestic product


(GDP) relative to the same period in 2021. The hotels and restaurants


industries recorded the highest growth of 35.3 per cent, due to a 49.2 per cent


increase in foreign national arrivals.


of the war in Ukraine on commodity prices — inflation has risen above the central bank’s target band but is expected to decline during the course of 2023. High commodity prices have resulted in an increase in the current account deficit. However, international reserves remain at healthy levels. Te financial system is well-capitalized and liquid.”


Key to Jamaica’s recovery will be tourism and this sector looks especially promising. Figures from the Statistical Institute of Jamaica (Statin) released in January indicated a 5.9 per cent growth in


P50 WIRE / PULSE / INSIGHT / REPORTS


gross domestic product (GDP) relative to the same period in 2021. Te hotels and restaurants industries recorded the highest growth of 35.3 per cent, due to a 49.2 per cent increase in foreign national arrivals. Travellers from its three major tourism markets — the United States of America, Canada and Europe all increased.


Tis positive news was later reiterated by Tourism Minister Edmund Bartlett. According to Bartlett Jamaica’s tourism industry is expected to attract as much as $4.2bnn for the fiscal year ending March 31 — some $500m better than 2019.


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